Roche pens $2.5B pact for Hanmi’s clinical-stage obesity drug targeting less-explored mechanism

(August 24, 2026 ) by James Waldron

Roche has taken its obesity strategy into uncharted territory via a $190 million upfront payment for a clinical-stage UCN2 (urocortin-2) analog from South Korea’s Hanmi Pharm.

UCN2 is a signaling protein that is elevated in people with chronic heart failure. The mechanism was explored by Eli Lilly in a heart failure drug that was scrapped back in 2019.

Researchers have known for decades that UCN2 can in principle reduce rates of muscle atrophy, and Roche is betting that Hanmi’s drug, dubbed HM17321, will be able to deliver on this promise.

In return for the $190 million upfront fee and the potential for up to 2.3 billion in development, regulatory, and commercial milestone payments, Roche’s Genentech unit has secured the global rights to HM17321, excluding South Korea. Hanmi is also in line for tiered royalties on sales.